S&P gives BB- to Lattice CCR, loan

Standard & Poor's said it assigned its BB- corporate credit rating to Lattice Semiconductor Corp.

The outlook is stable.

At the same time, the agency assigned its BB- issue-level rating and 3 recovery rating to the company's proposed $350 million senior secured term loan due 2021. The 3 recovery rating indicates an expectation for meaningful (50% to 70%) recovery of principal in the event of payment default.

"The ratings on Lattice reflect our view of the company's challenging business conditions in 2015, competitive programmable logic devices (PLD) landscape and near-term integration risk, which our expectation for consistently positive free operating cash flow and debt reduction through excess cash flow sweep partially offset," S&P credit analyst Andrew Chang said in a news release.

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